With 160 rental apartments and 13,000 square feet of ground-level retail, Alto Fairfield Metro was developed through a joint venture with a locally based partner in the Fairfield, CT market. Completed in 2021, Alto offered institutional quality housing in a supply-constrained market catering to transit-oriented professionals working in the New York City area. The project stabilized several months after delivery and, after a brief holding period, was sold to a family office in March 2022. The sale proceeds and cash flow on ELV’s $12 million LP equity position yielded attractive results over a three-year development, leasing, and exit period.
